Innovating and driving continuous improvement

We are innovating and rethinking how we use data and analytical tools to execute audits. By combining technology and our auditors' professional skepticism and judgment, we are able to deliver high-quality audits that are more relevant to investors.

We are also using data and statistical techniques to help us identify factors that are associated with quality audits and to further improve our response to risk in our audit practice. In addition, we are taking a proactive approach to prepare for a period of unprecedented change in financial reporting.

Shifting to a data-driven audit

Our analytics platform, EY Helix, allows us to take advantage of advances in data capture and analytic technologies to enhance our focus on risk. We are analyzing larger volumes of data to develop a deeper understanding of a company's financial statement close process and operations to better assess risk. By using analytics, we are able to increase the coverage of our audit procedures and develop more evidence.

Expanding our use of EY Canvas and launching EY Atlas

Our EY Canvas tool makes it easier for our audit teams to track and manage their work so they can spend more time carrying out the audit rather than administering it. EY Canvas also enables us to better connect our teams around the world by providing real-time status updates on audit processes and issues, regardless of their location.

Our new accounting and auditing research tool, EY Atlas, will give our teams faster, better and more relevant research capabilities that will allow them to more easily find the information they need to deliver quality audits.

Identifying risks in engagements
We are also using data to help us better identify and respond to risk in our audit portfolio. We are identifying the factors that led not only to audit deficiencies but also to audits that we consider best in class.
Preparing for accounting change

We are preparing for new accounting standards on revenue recognition, leases and financial instruments that will significantly alter the financial reporting landscape when companies implement them over the next several years. We've issued robust thought leadership on the requirements, and we're sharing our perspectives on companies' implementation plans with audit committees.